HFF arranges $9.9M financing with Freddie Mac for Lubbock, TX multi-housing community

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $9.9 million financing through Freddie Mac (Federal Home Loan Mortgage Corporation) for the refinance of Sagewood Apartments, (bottom left photo) a 355-unit multi-housing community in Lubbock, Texas.

HFF senior managing director Mona Carlton (top right photo)  worked on behalf of McDougal Companies to secure the 10-year, 5.79% fixed-rate securitized loan. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Located at 5917 67th Street, Sagewood Apartments is close to the Brownfield Highway and Loop 289 Interchange in Lubbock. The property was built in two phases in 1998 and 1984, and is 90% occupied.

During the past 27 years, McDougal Companies has grown into four separate divisions including McDougal Properties, McDougal Realtors, McDougal Land Company and McDougal Construction.

Contacts:

Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880, mcarlton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Sale of far North Dallas multi-housing complex closed by HFF

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of Preston Bend, (centered photo below) a 255-unit multi-housing complex in far North Dallas, Texas.

The HFF investment sales team was led by senior managing directors Bill Miller and managing director Roberto Casas, who exclusively represented the seller, Equity Residential. Richard Hoffmann, president of Anterra Realty Corp,, assisted a private investor from California, who purchased the property for an undisclosed price.

Situated on a nine-acre site at 18790 Lloyd Drive, Preston Bend has immediate access to President George Bush Turnpike in far North Dallas and is close to the Dallas North Tollway, North Central Expressway, Interstate 35 and LBJ Freeway. The 96% leased property has one- and two-bedroom units averaging 726 square feet each. Community amenities include a tennis court, sport court, fitness facility, car care center, playground and swimming pool.

“Preston Bend has a fantastic location within the recognized Plano Independent School District close to the Baylor Regional Medical Center of Plano (above centered photo) and Legacy Business Park,(centered photo below)  which is home to major employers such as EDS, FritoLay, JCPenney and Cadbury Schweppes,” said Miller.

“The stabilized asset is a solid B property, in a good location, which helped drive investor interest. The buyer has a great reputation and transaction history, which helped facilitate a smooth transaction,” added Casas.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 494 properties totaling 136,843 units in 23 states and the District of Columbia. www.equityresidential.com.

Anterra provides multi-family services to individuals and financial institutions in the areas of property and construction management, brokerage, due diligence and loan underwriting. Based in Dallas, Anterra currently manages over 5,000 units of apartments ranging from Class A to D properties in all the major cities in Texas. www.anterra.com

Contacts:

Bill Miller, HFF Senior Managing Director, (214) 265-0880, bmiller@hfflp.com
Roberto Casas, HFF Managing Director, (214) 265-0880, rcasas@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Class A mixed-use development in Dallas, TX

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of Broadstone Parkway, (bottom left photo) a 331,473-square-foot, Class A mixed-use property in Dallas, Texas.

HFF managing director Roberto Casas (top left photo)  and senior managing director Bill Miller (middle right photo)  led the investment sales team exclusively on behalf of the seller, Bank of America. USAA Real Estate Company purchased the bank-owned property for an undisclosed price.

Completed in 2008, Broadstone Parkway has 333 residential units plus 40,070 square feet of retail space.

The residential units are 93.4% leased and are available in 10 different layouts averaging 875 square feet each.

Residents have access to community amenities including a fitness center, resort-style pool, movie lounge, internet café, outdoor grills and on-site garage parking.

The retail component is 42.4% leased. Broadstone Parkway is situated on a 7.4-acre site at 5005 Galleria Drive, adjacent to the LBJ Freeway and The Tollway interchange across from the Galleria Dallas.

“Due to the quality of the asset and location, Broadstone Parkway received a tremendous amount of interest during the marketing period. This is one of the first Class A bank-owned multi-housing deals of significance to hit the market which helped fuel investor interest,” said Casas.

USAA Real Estate Company, with over $5 billion of assets, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.

 In addition, the company provides investment vehicles for domestic and foreign investors. The USAA portfolio consists of office, industrial, retail and hotel properties with annual volume transactions exceeding $3 billion.

USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies.

For more information about USAA Real Estate Company, visit http://www.usrealco.com/.


Contacts:

Bill Miller, HFF Senior Managing Director, (214) 265-0880bmiller@hfflp.com
Roberto Casas, HFF Managing Director, (214) 265-0880 rcasas@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500krmurphy@hfflp.com